Overall Canadian household credit is growing at its slowest pace since 2002 while consumer debt-to-income ratios have stabilized, signs that consumers are starting to pull back from borrowing, a new report from CIBC World Markets said.
Benjamin Tal, deputy chief economist with CIBC, said that household credit growth has averaged an inflated 8.2% in the past decade, a trend that looks to be coming to an end.
“When it comes to household credit growth, the past decade was the exception, not the norm,” he said in a report.
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